Capital increase in connection with exercise of warrants

Company Announcement No. 8-2022
Copenhagen, 10 March 2022

Penneo issued a total of 4,502,603 warrants in May 2020 prior to the IPO. Of the warrants issued in May 2020, a total of 2,504,400 warrants remain under this warrant scheme prior to the opening of the exercise window on 21 February 2022. 

Each warrant entitles the warrant holder to subscribe for one ordinary share in Penneo with a nominal value of 0.02 DKK per share. The warrants are fully vested upon issuance and all warrant holders have signed lock-up agreements on equal terms as those of the lock-up obligation applying to the existing shareholders (cf. Company Description, Section 4.5.3). The warrants can be exercised in a 14 day exercise window which opened on 21 February 2022 in connection with the release of the annual report for 2021.

Since 21 February 2022, instructions have been received to exercise warrants as follows: 

• One individual has issued instructions to exercise 21,413 warrants at the agreed price of 4.67 DKK per share with a nominal value of 0.02 DKK
• One individual has issued instructions to exercise 10,061 warrants at the agreed price of 4.28 DKK per share with a nominal value of 0.02 DKK

Today, the Board of Directors decided to carry out the capital increase relating to the exercised warrants. As a result of the capital increase, the share capital of Penneo will be increased by a nominal amount of 629.48 DKK from 632,162.70 DKK to 632,792.18 DKK through the issue of 31,474 shares. Following the closing of the exercise window, 2,472,926 remaining warrants are held by twelve individuals under the warrant scheme of May 2020.

Registration of the capital increase at the Danish Business Authority is expected to take place on 10 March 2022. Following the registration, the new shares are expected to be admitted to trading and official listing on NASDAQ First North Growth Market Denmark on 15 March 2022 under the ISIN code of Penneo’s existing shares (DK0061283009).

As a consequence of the capital increase, the nominal share capital of Penneo increases from 632,162.70 DKK to 632,792.18 DKK which is made up of 31,639,609 shares each of a nominal value of DKK 0.02. The number of votes increases from 31,378,666 to 31,410,140. The new shares will entail a dilution of approximately 0.1% for existing shareholders of Penneo.